Cana Copeland I am sorry you are in this fix. I cannot imagine the pressure. Your situation could be quite different to the issue at hand which apparently is not at hand thankfully and according to Tom Payne. As I said, I am sorry you are in a bad place, I cant imagine the difficulty it causes you. You are not who comes to mind when I read stories like this. Certainly there were the disreputable 2nd and 3rd tier schools, trade schools and such, but not every loan and not every school was worth defaulting. These loans were applied for, agreed to, and education was offered in return. In every single loan there is a time frame in which one can return the loan and pay penalties. This timeframe is built in for the very scenarios you describe. Poor education facilities can be audited and eventually closed as a result of students withdrawing and returning loans. But they dont return them do they? The schools dont report them as withdrawn and the borrowers spend the money on other things and the loans continue to be applied for and not utilized appropriately, so not buying that the loans are all bad and should just be absorbed in national debt. The Stafford loan and the Pell grant of yesterday were great opportunities with which to obtain an education, repay debt and build credit, if one actually wanted to. Again no reference to you Cana I know your work ethic and hate that your loans are out of control. The fact remains: No one held anyone hostage and forced them to take the loans, not even the bad ones. And no one forced anyone to misuse the loan. I worked in the servicing/repayment side of the GSL program in the private sector in the 1980s it seemed a great number of borrowers were never intending to repay. All the while the government assisted in taking down the program by creating the interest active loans. It will become national debt. It is the direction in which we are going, if something does not change. Considering the indifference to paying back the loan the program was doomed even then. Physician, attorneys, nurses, educators, AND truck drivers, welders, all the trades were represented. But the 6+ figure folks they were the most plenteous they were the top of the list. Being successful in their practices did not equate with repayment, they felt they deserved the debt forgiveness. I was acquainted with every facet of service regarding the loans from Guarantee, acquisition, service, collection and default. We encountered defaulted loans daily and by the thousands as people just couldnt be bothered to repay. At that time the only way to get out of repayment was to pass away.
Posted on: Tue, 24 Jun 2014 18:31:42 +0000
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